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Breaking News: Bitcoin Price Tumbles Toward $98,000: What’s Driving The Drop And What Lies Ahead
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Breaking News: Bitcoin Price Tumbles Toward $98,000: What’s Driving The Drop And What Lies Ahead

Ripple Showing Signs of Weakness But XRP Price Remains Supported

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:39 pm
2 mins read
technical analysis ripple

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  • Ripple price seems to be struggling near the $0.3600 and $0.3700 resistance levels against the US dollar.
  • The price is likely to break the $0.3480 support area and decline further in the near term.
  • There is a key bearish trend line formed with resistance near $0.3600 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair could correct below the $0.3480 and $0.3400 levels, but the $0.3250 level is a strong support.

Ripple price is signaling a downside correction against the US Dollar and bitcoin. XRP might decline below $0.3400, but buyers are likely to take a stand near $0.3320 or $0.3250.

Ripple Price Analysis

After a rejection near the $0.3790 level, ripple price corrected lower against the US Dollar. The XRP/USD pair declined below the $0.3700 and $0.3600 levels. Later, the price bounced back and made a few attempts to gain strength above the $0.3700 and $0.3740 resistance levels. However, buyers failed and the price dived below the 50% Fib retracement level of the last wave from $0.3255 swing low to $0.3790 high. There was also a break below the $0.3550 level and the 100 hourly simple moving average.

On the downside, the $0.3480 area acted as a strong support and prevented losses on many occasions. It also represents the 61.8% Fib retracement level of the last wave from $0.3255 swing low to $0.3790 high. At the moment, the price is flirting with the $0.3480 support and remains at a risk of more losses. If there is a downside break and close below $0.3480, then the price might extend its decline. The next stop could be near the $0.3380 level.

The next key support is at $0.3320, where buyers could appear. If they fail to defend the $0.3320 support, the price may perhaps test the main $0.3250 support area. On the upside, an initial resistance is near the $0.3600 level and the 100 hourly SMA. There is also a key bearish trend lines formed with resistance near $0.3600 on the hourly chart of the XRP/USD pair. A successful break above the $0.3600 level is must for a fresh increase towards $0.3700 or even $0.3740.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price seems to be struggling to gain momentum above $0.3600, which might result in a short term breakdown. A close below $0.3480 and $0.3460 is likely to spark an extended drop towards the $0.3320 or $0.3250 support area in the coming sessions.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD recently declined below 50 and it is currently near 40.

Major Support Levels – $0.3480, $0.3460 and $0.3320.

Major Resistance Levels – $0.3590, $0.3600 and $0.3700.

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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